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how to know when you all ready to start a business while the truth is, you're never ready because whatever you think it takes, you think it's gonna take about this much time.
It's gonna take this much time.
You think it's gonna be like this difficult.
It's gonna be this difficult, so you're never quite ready to start a business.
In fact, I talked about this in other video.
That's the worst time to start a business is when you are desperate.
The worst time to start a business is when you need money.
You shouldn't start a business when you need money desperately.
If anything just started high income skilled first before you start a business.
But let's say that you are ready mentally, emotionally as well as financially.
Now you're ready to take a leap of faith.
How do you know that you're actually ready?
So here's some of the signs that you should pay attention to If you meet some of these criterias that maybe you are ready to go out there and build your empire sighing Number one.
You have a clear profit half, meaning that you have a very clear idea off how you're gonna make that first cell.
How do you make that first profitable sell?
Not just.
Hey, I've got a good product.
This is my service.
This is my widget.
Let's go out there and hopefully someone likes it.
No, I mean in your mind.
You're very, very clear about how to get this product out there in the marketplace where those customers are, where they hang out.
How you gonna convert those leads into customers?
You have a very clear idea.
How you gonna make that first sell?
Not just the first cell, but how you gonna make yourself profitably?
Let's say you're selling your selling $1000 thing.
Your product and then you're cost is ah, 100 bucks.
And then you're gonna spend 102 103 $100 to acquire that customer profitably versus the things I used.
1000 bucks.
It cost $100 by the extra cost.
You $1000.
Each customer.
That's not a profitable customer.
So you're not even breaking even unless you can answer that question.
How could I make that first profit with sale?
That's a proper path.
That's sign number one.
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Sign number two.
You have a very clear business model.
What is a business model?
How you gonna monetize this?
I'm gonna make money.
So now you know how to make the first profitable cell.
You have a clear profit path.
But then what is the overall business model, right?
What is gonna make you different from everybody else in the market place?
Maybe after your first initial product.
Already thinking.
Well, I'm gonna build a customer base.
Then I'm gonna offer them something else after the first product and something else after the second product.
That's a business model, right?
There's a big difference between selling something a moneymaker, ready down versus building a business.
Most people, they have a moneymaker.
You don't have the business, right?
They have a product.
That's all they have, right?
This is a product.
If business has a business model onto your very clear off your business model.
Then you're not ready to start a business sign.
Number three you have and EJ what is an edge?
An unfair advantage that you off bring to the table something that allows you to different you yourself in the marketplace to penetrate all the noise that's out there, right?
What do you do, like what makes you different?
Why should people buy from you and not everybody else?
If they're buying from somebody else, why should they switch?
You cannot just say all because on debt, I know what it's the edge that you're bringing to the table.
Maybe you have a technology.
Maybe you have certain relationship.
Maybe you are a superior marketer.
Maybe you have a superior process that you have spent years.
We finding whatever, that Mikey something that it's very difficult for other people to compete.
In my case, I have a very compelling brand of their strong personal brand.
There's an edge.
If I go into some other industries verticals, I could bring that to the table.
That is an edge, not the only edge I have.
But it is one inch in other and other scenarios.
Maybe is a technology that I'm bringing to the market place, But maybe it is certain other out of things I bring to the marketplace.
Whatever it is, you need to have an edge.
If you wanna win, you cannot just start a business with a need to attitude.
Because you're gonna get slaughtered is gonna cause a loss of time, a lot of money and a full sign that you are ready to start.
Your own business is you have some capital.
You need some money to get started, right to be able to survive and sustain Boy Pierre of a time.
So when you have no money to start a business, well, then you're making decisions based on sketchy, right?
Based on desperation, it's very, very difficult to make strategic decisions when you don't have any cash coming in.
So only started business.
When you put aside a certain amount of money, I believe a certain amount of money.
Then you can start knowing that's gonna take some time for this thing to ramp up and that it's your good changes off most of time.
Most we will make it.
50% of the businesses fail in the 1st 2 years.
90 to 95% feel in the 1st 5 years.
Your art is not good.
And every single time I say it air free single time I hear from entrepreneurs.
I am the exception.
I am deaf 5%.
They never think that that 95% no one starts a business thinking that they're gonna fail, they're overly optimistic.
Sometimes that's the problem with entrepreneurs.
They haven't fail enough.
So they are very naive.
The overly confident versus thinking more like an investor.
Hey, what is the downside?
What could I lose?
Can I live with a downside that's being smart?
So you need some capital?
How much capital is up to you Depends on their business type what you are starting, right?
But MME.
Or at least you have some capital as well as you have access to capital meaning on board money from banks and financial institutions.
For investors to build a fund.
Your venture, That's number four.
Sign number five.
You are ready to start a business when you are okay.
Not making money for a long period of time.
Say it again.
You all ready to start a business.
You know you're ready when you are okay.
Not making money for a long period off time.
If you are starting a business with the appear motivation, intention is just to make a quick buck.
You're not going to be successful now.
Doesn't mean you don't want to be profitable, right?
Doesn't mean you don't.
You don't.
You know, profit doesn't come into the play.
It absolutely does.
But if your focus just to make a quick buck and make money, you're not gonna be successful.
Because if you focus on chasing the dollars, chances are you're not solving problems.
You should be in business because you want to solve problems in some way, shape or form.
You're fulfilling a need in the marketplace.
You'll bring your entrepreneurial skills to the marketplace.
This is not like a typical If you're employees every single month, every two weeks, you're gonna get a paycheck.
That's an entrepreneur.
We eat last.
This one's called profit.
You don't get a paycheck.
You get what you pay your vendor.
You pay your lease, you pay everybody else.
You pay your team, you get pay last right and you pick and you get paid You know, you wait the longest because the first few years, not few months, first few years, Sometimes the 1st 10 years you're just working, working on putting your time into the business.
And hopefully it will grow in you with life.
And you have a big payday in the beginning.
You just putting in your sweat equity.
That's why most people understand.
They think I'm gonna start a business in six months a year or I'm gonna be on the beach.
No, no.
Even the ones who are successful chances are some.
In some cases, it took them decades to get to a certain a certain stage in terms of business building to a significant business.
Some cases 15 20 years.
So are you willing to delay gratification?
Are you willing to wait?
If you're not willing to wait there, forget about it.
You're not ready.
And actually, you shouldn't sound business because that's a reality.
Everybody tells you the good story.
Always great, right?
You see, on the cover of magazine, this entrepreneur me X amount dollars disc entrepreneur sold his company for a gazillion dollars.
While you never see the entrepreneurs who died financially who go bankrupt you don't see those on twitters on the cover of a magazine.
So you see the one that makes it.
You don't see the hundreds of thousands of guys, right?
So this is how were overly confident.
So those are some of the signs and signals that tells you and tells me that you already to start a business so common below?
No bullshit.
No overly optimum optimistic.
Are you ready to start your own business?
Call me below.
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How To Know When You're Ready To Start A Business

19 Folder Collection
林宜悉 published on March 18, 2020
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